Up close and personal with Larry Korman, AKA Hotel Residences

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In the latest of a regular series, we find out what makes some of the leading figures in the serviced apartment and aparthotel sectors tick. This time, we speak to Larry Korman, co-CEO of Korman Communities and president of AKA Hotel Residences.

The best part of my job is....
Being able to spend my days visiting vibrant cities, beautiful properties, and working with amazing people, while pursuing my passion for architecture, design, and hospitality.

The most challenging part of my job is...
Finding the right balance between acquiring great real estate, operating at the highest levels in terms of design, staffing and service, while maintaining rates and expense levels that justify the operations.

My biggest achievement in business has been...
Leading the evolution of our four-generation residential real estate company, and taking the furnished apartment concept my dad pioneered over 50 years ago to the highest expression of serviced residences.

My biggest mistake in business was...
Not having a more proactive and self sufficient solution to combat costly third party providers and their impact on the industry.

If I wasn’t working in our industry I would have...
Pursued another passion and been an architect, or a creator of some form of art or design. I am lucky that I have been able to integrate my passions for architecture and design into my work as a hotelier. 

The best piece of advice anyone ever gave me was...
Be willing to try, fail and learn rather than not try at all.

If I could tell my 18-year old self one thing it would be...
Don’t be in a rush, enjoy the process, appreciate the journey, and take more time to survey the landscape from 30,000 feet, vs. just focusing on what’s in front of you.

The person I admire most in hospitality is...
Ian Schrager, because he was the first one to really add drama in hospitality by use of spectacular design with special designers. He created “wow”,  and pursued his passion within an industry that was a tad stodgy at that time. 

The person I admire most in history is...
I’m from Philly, so I've got to go with Benjamin Franklin! He did it all, and with vim and vigour! He made a positive difference, in many ways, for many
people. He was an innovator to enhance the community and the world.

I am surprisingly good at...
Envisioning what an old, dissipated, dilapidated property could look like when transformed and see in my head possibilities for taking a property to its next expression.

I am surprisingly bad at...
Carrying a tune. You don’t want me as your karaoke partner! 

My perfect day off would be...
Taking my family to a beach front resort, swimming in the ocean, getting a relaxing  massage, followed by a healthy dinner. 

 

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